Here’s some important information about late payments.
Just 1 new late payment can initially lower the credit score anywhere from 50 to 100 points. This is why it is important to establish a monthly budget and make sure to pay your bills on time. Multiple late payments will continue to keep the scores suppressed. Payment History contributes 35% toward the credit score. This is the most of any key factor.
Late payments can remain on the credit report for up to 7 years from the date of the delinquency. However, it is possible that they can be removed sooner by challenging them with the credit reporting agencies. The chance of late payment removal can increase if the account is closed; however, we are not advising that you close any accounts.
If you currently have any accounts reporting past due, we suggest paying them as soon as possible to bring them current and in good standing.
For 17 years we have helped consumers improve credit scores from 400, 500, or 600 scores to 700 and beyond. The key is to follow our advice, take the right action, and stick with the process. We are ready to help you!